Category: News
News from the American Cotton Shippers Association
The Industry Advisory Group (IAG) of the IPPC ePhyto Solution Calls on Governments to Support the Adoption of the ePhyto to Facilitate International Agriculture Trade
McConnell Announces Senate Will Vote on Targeted COVID-19 Relief
On September 8th, U.S. Senate Majority Leader Mitch McConnell (R-KY) stated that the Senate will likely vote on the targeted COVID-19 relief package as soon as this week. See the Senate GOP targeted relief package below.
Cotton Loan Forfeiture Charges/Procedures for ELS Cotton
Based on recent discussions with USDA officials, there are important clarifications on the charges or fees a producer is responsible for when warehouse-stored Pima cotton is forfeited to USDA. In general, the calculations on cotton forfeiture charges are the same for both Pima and upland cotton. If Pima cotton is forfeited to USDA, the producer is only responsible for paying the difference in the Cotton Storage Agreement (CSA) storage rate for the warehouse and the USDA storage credit for the time the cotton is under loan, not the full storage costs for the time the cotton is under loan. For anytime the cotton is not under loan, the producer is responsible for paying the full warehouse storage rate.
Price Loss Coverage Payments for 2019 & 2020 Marketing Years Projected by Mississippi State University
ACSA Joins Coalition Letter Addressing Freight Weight Limits for Food, Fuels, Feed, and Fiber
The White House & Senate Agreement Draft for COVID-19 Relief Package
The PDF below provides an outline of the next COVID-19 relief package agreed upon by The White House and Senate Republicans. Senate Republicans plan to release the plan today to allow for the Senate and House to begin discussion.
Bangladesh Textile Mills Association Writes ICA Regarding Difficulties to Fulfill Their Contracts
On July 18th, the Bangladesh Textile Mills Association (BTMA) wrote the International Cotton Association (ICA) in regarding to their inability to fulfill contracts due to the current environment. On July 22nd, ICA replied to BTMA by stating “the legal concept of force majeure is intended to cover those circumstances that could delay or impede the full execution of a contract. It does not cancel a contract or remove all obligations for either party.”
CFTC’s Open Meeting
On July 22nd, U.S. Commodity Futures Trading Commission held an open meeting to consider two items: (1) Final Rule: Capital Requirements for Swap Dealers and Major Swap Participants; (2) Proposed Rule: Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swaps Participants. See PDF below for key takeaways and details provided by Delta Strategy Group.
CFTC’s Market Risk Advisory Committee Meeting
On July 21st, U.S. Commodity Futures Trading Commission’s Market Risk Advisory Committee had a meeting. See PDF below for key takeaways and details provided by Delta Strategy Group.
